Core Viewpoint - The company is expected to achieve significant growth in net profit for the first half of 2025, driven by strong performance in its cheese products and effective cost management strategies [2][3]. Financial Performance - The company forecasts a net profit attributable to shareholders of 120-145 million yuan for H1 2025, representing a year-on-year increase of 68.1-103.1% [2]. - The expected net profit for Q2 2025 is projected to be between 37.6-62.6 million yuan, with a year-on-year growth of 13.8-89.5% [2]. Business Strategy - The company employs a dual strategy focusing on both B2B (restaurant industrial series) and B2C (instant nutrition series and family dining series) to strengthen its position in the cheese market [4]. - New product launches include cheese sticks and various snack items, with a focus on consumer-oriented innovation [4]. Market Position - According to Kantar Consumer Index, the company's cheese sales market share exceeded 37% in 2024, increasing to over 39% in Q1 2025, maintaining its leading position in the market [5]. Future Outlook - The company anticipates that the combination of new product development and channel expansion will support continued growth, with potential for profit elasticity to be released as operations recover [6].

2025 年 7 月 12 日 公司研究 奶酪消费趋势向好，25H1 归母净利实现高增 从市场地位看，以凯度消费者指数为例，2024 年妙可蓝多奶酪销售额市占率超 过 37%，25Q1 销售额市占率提升至 39%以上，稳居市场第一。 未来随着新品驱动和渠道扩张，公司 BC 两端有望共同发力支撑增长；经营恢复 下，公司利润弹性有望释放。 盈利预测、估值与评级：我们维持公司 2025-2027 年归母净利润预测分别为 2.16/3.24/4.57 亿元，折合 2025-2027 年 EPS 分别为 0.42/0.63/0.89 元，对应 PE 分别为 67x/45x/32x。公司 C 端奶酪龙头地位稳固，奶酪行业增长空间较大， 我们维持"增持"评级。 ——妙可蓝多（600882.SH）2025 年半年报预告点评 要点 事件：公司发布 2025 年半年报预告，经追溯口径预计 25H1 实现归母净利润 1.2-1.45 亿元，同比增长 68.1-103.1%；预计实现扣非归母净利润 0.9-1.15 亿元， 同比增长 58.2%-102.2%。其中经追溯口径预计 25Q2 实现归母净利润 3760-6260 万元，同 ...